Transcona Real Estate Numbers October 2020

Stephen Olyniuk: Hello Transcona, Stephen Olyniuk from Remax Performance Realty and the MLS numbers are in for the month of October.  Let's have a look.  In October we ended up with 30 sales and only 27 are active listings which gives us less than 1 month of inventory, 0.9% so when you have less than one months of inventory you are in an active, sellers’ market.  We will get into that later.

 

Average selling price 273 000 dollars and average days on the market of 12.  So as we talked about this last year there was 29 sales in 2019, 30 in 2020.  Average sale price was 277 in 19, down a little bit in 273.  I say only down a little bit because of not enough inventory on the market.  

 

We are going to see as the year levels off, finishes off, the average selling will have increased.  I talked about "Months of Inventory".  What is a Month of Inventory?  It is a metric to determine the liquidity of any real estate market.  It's a tool to help you determine the strength of the market and it impacts on how you should be pricing your home.  

 

How do you calculate it?  You divide the active listings at the end of the month by the number of sales that were in that same month.  So basically you had 30 sales divided by the 27 active listings and you get out 0.9% so as we get into it what do the numbers mean?  

Anywhere 1 to 4 months is a sellers’ market, with less than one month we have got a strong strong sellers’ market.  Balance market is 5 to 6 and 7 months plus is a buyers’ market.  With the way the market is going we won’t see any changes in the near future.  Predicting a strong sellers’ market into next year.

If you have any questions don’t ever hesitate to reach out to us.  Thanks for watching and have a great day.